Bahrain Insurance Market review

8/10/2019 Bahrain Insurance Market review

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Introduction Letter from H.E. the GovernorMain Highlights

45

Section One History of Bahrain Insurance Market 6

Section Two Bahrain Insurance Market 9

SectionThree

Performance of Insurance FirmsConventional Firms

Takaful FirmsOverseas Firms (Foreign Branches)

1617

1920

Section Four Highlights of Insurance Business by Class 21

Section Five Performance of Reinsurance & Retakaful Firms in Bahrain 35

Section Six Statistical DataGross Premiums of Insurance Firms Operating in BahrainNet Written Premiums of Insurance Firms Operating in BahrainGross Claims of Insurance Firms Operating in BahrainNet Claims of Insurance Firms Operating in Bahrain

Number of Insurance Policies Issued by Insurance Firms Operating in Bahrain

4445474951

53

SectionSeven

Financial DataKey Performance Figures of Insurance FirmsFinancial Position of Bahraini Insurance Firms (Conventional Firms)Financial Position of Bahraini Insurance Firms (Takaful Firms)Financial Position of Overseas Insurance FirmsSummary of Investment Activities of Bahraini Insurance FirmsConsolidated Data of Insurance FirmsIncome StatementIncome Statement of Bahraini Insurance Firms (Conventional Firms)Income Statement of Bahraini Insurance Firms (Takaful Firms)Income Statement of Overseas Insurance Firms

55565760626465666971

Section Eight Directory of Insurance Firms & Organisations Authorised in Bahrain 73

Glossary 81

Index


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It gives me a great pleasure to present the InsuranceMarket Review Report 2011 of the Central Bank ofBahrain (CBB). The report highlights and analyses theperformance of the Bahrain insurance industry for the

year 2011.

The report covers wide range of the financial andstatistical aspects of the insurance and reinsuranceindustry in the Kingdom of Bahrain.

The insurance industry continued to grow in 2011. Thegross premium in 2011 was BD 214.94 millioncompared to BD 210.48 million in 2010.

The report also analyses the gross premium andclaims for the different classes of business. It isinteresting to note that Motor insurance premiumconstitutes more than one-third of the gross premiumwritten for general insurance business in 2011. Thegrowth in Engineering, Fire, Property and Liabilitybusiness have shown strong growth in gross premiumsin 2011 from the previous year.

I am pleased to mention that the appointedrepresentative scheme (that prescribes minimumrequirements for tied agents in dealing with thepotential policyholders) that was introduced in March2010 was a success and the number of appointedrepresentatives, registered under the scheme, by theCBB, has grown to 13 corporate and 40 individual.

The Takaful industry continues to expand with overallgross contributions (by firms operating in Bahrain)increasing from BD 38.55 million in 2010 to BD 40.19million in 2011, a growth of around 4%. The Retakaful

gross contribution increased from BD 78.12 million in2010 to BD 86.15 million in 2011, a growth of morethan 10 percent.

I would like to express my deep gratitude to HisMajesty King Hamad Bin Isa Al Khalifa, to His RoyalHighness, The Prime Minister, Prince Khalifa BinSalman Al Khalifa and to His Royal Highness, TheCrown Prince and Deputy Supreme Commander,Prince Salman Bin Hamad Al Khalifa, for theirguidance and patronage of the CBB. I also wish toexpress my appreciation to all government ministriesand agencies for their continued support.

As always, I am grateful to Bahrains insurancecommunity, in particular, the Bahrain InsuranceAssociation (BIA), for their continued support andcooperation. I am also grateful to the CBBs staff fortheir efforts and dedication to maintain a robustregulatory environment.

Rasheed M. Al-MarajGovernor

Letter from H.E. the Governor


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23%

18%

2%3%

26%

8%

16%

4%

Long-term

Fire, Property & Liability

Miscellaneous Financial Loss

Marine & Aviation

Motor

Engineering

Medical

Other

Gross Premiums of Insurance Firms Operating inBahrain for the year 2011

Main Highlights

BD' 000 2011 2010 % 2011 2010 %

Long-term 48,877 51,356 -5% 19,971 18,843 6%

Fire, Property & Liability 38,645 35,656 8% 12,767 12,577 2%

Miscellaneous Financial Loss 4,043 4,302 -6% 1,190 2,092 -43%

Marine & Aviation 7,064 8,038 -12% 717 400 79%

Motor 55,627 57,467 -3% 41,855 46,494 -10%

Engineering 16,456 12,546 31% 3,513 2,948 19%

Medical 34,844 31,754 10% 24,636 21,679 14%

Other 9,387 9,365 0.2% 1,957 3,302 -41%

Total 214,943 210,484 2% 106,606 108,335 -2%

Gross Premiums Gross Claims


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It all started in the 1950s, when a group of taxi

drivers gathered to form an insurance society, the

first mutual insurance company of its kind, in order

to abide by the law to buy Third Party Liability

insurance cover for their vehicles. This society was

so successful that by 1955 the Co-operative

Compensation Society was formed to provide

insurance for vehicles and other losses arising from

accidents. This society was later renamed as the

Vehicle Insurance Fund.

As Bahrain has always been a trade centre, Norwich

Union, a leading United Kingdom based insurer,

realizing the insurance potential, opened its first

office in the Arabian Gulf in 1950. An agency

agreement was signed, appointing Messrs. Yusuf

bin Ahmed Kanoo as Norwich Unions principal

agents in Bahrain. The first-ever policy to be issued

by the companys Bahrain office was Marine or all-

risks cover for a consignment of Bahraini pearls

packed in a rusty old Ovaltine tin, which was beingtransported by dhow to Aden.

The Zayani Group of Bahrain also ventured into the

insurance business way back in 1950's and became

Norwich Unions competitors in Bahrain. Presently

J.A. Zayani & Sons are the sub-agents for The New

India Assurance Co. Ltd.

Shortly after Norwich Union and The New India

Assurance Co. Ltd., Abdulla Yousif Fakhro & Sons,

another leading business groups in Bahrain, were

assigned as the agents for General Accident

Insurance, one of the largest insurance companies

in the world at that time.

The first organisation to be granted a license to offer

long-term insurance products (life and accident

insurance) in the Kingdom was American Life

Insurance Company (ALICO), which commenced its

operations in 1961. ALICO started to launch the first

life protection, savings and personnel accident

schemes for individuals and corporates in Bahrain.

Bahrain Insurance Company (BIC) was the first

public shareholding company and was established

on 2nd November 1969, even before the enactment

of the Commercial Companies Law promulgated by

Decree No. (28) of 1975. The company was

incorporated with a paid up capital of BD 600,000,

one third of the Paid up share capital owned by

General Organization for Insurance, an Iraqi

insurance company. BIC was later merged (in 1999)

with National Insurance Company (established in

1982) to form Bahrain National Holding (BNH)

Company. BNH has a general insurance and long-

term insurance subsidiary called Bahrain NationalInsurance (BNI) Company and Bahrain National Life

Assurance (BNL) Company, respectively.

Al-Ahlia Insurance Company was incorporated in

1976 as the second public shareholding company

providing all classes of general insurance in Bahrain.

Bahrain Kuwait Insurance Company (B.S.C.) was

also established in 1976 with Bahraini and Kuwaiti

shareholders. By virtue of its shareholding structure,

the company has been allowed to operate as a

national insurance company both in Bahrain and

Kuwait, the only company to enjoy such a privilege.

The First Sixty Years of Insurance in the Kingdom


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Following the inauguration of King Fahads

Causeway in 1986, United Insurance Company

(UIC) was formed with the main purpose of providing

insurance to all vehicles crossing King Fahads

Causeway. The Company is now owned by six

insurance companies viz. Tawuniya, KSA (50%),

Bahrain National Holding Company (10%), Bahrain

Kuwait Insurance Company (10%), Al-Ahlia

Insurance Company (10%), Bahrain National

Insurance Company (10%) and AXA Insurance

(Gulf) B.S.C.(10%).

Bahrain Islamic Insurance Company (BIIC), now

called Takaful International Company, is the first

Islamic insurance company to be incorporated in the

Kingdom in 1989. As one of the early players in the

Islamic financial field, BIIC offered Islamic insurance

products and services which were designed to meet

the increasing demand for such products. The

Takaful industry has grown over the years and there

are now seven Takaful and two Retakaful

companies operating in Bahrain.

Bahrain is also the home to the Arab InsuranceGroup (ARIG) which is another example of the

significance of Bahrains position as a regional hub

for insurance industry in the Arabian Gulf and wider

global market. The ARIG is the representative body

for the insurance industry in the Arabian Gulf and is

one of the largest Arab-owned reinsurance

organizations in the Middle East and North Africa

(MENA) region. Established in 1980 by the

governments of Kuwait, Libya and the United Arab

Emirates, it has become one of the leading Arab

reinsurers with a sound reputation as a dependable

partner for the insurance industry in the region.

Since the establishment of ARIG in Bahrain,

reinsurance market in the Kingdom has been

growing steadily and an increasing number of

international reinsurers are now using Bahrain as a

base of their business throughout the region.

In September 1993, insurance companies and

organizations actively involved in the insurance

market, set up the Bahrain Insurance Association

(BIA). The BIA aims to promote the interests of its

members, further develop the insurance industry

and enhance insurance awareness in the

marketplace.

Starting from 1950 till today, the insurance industry

in Bahrain has been growing steadily and strongly

and has demonstrated a double digit growth,

mirroring the expansion of Bahrain's financial sector.

The Kingdom offers the ideal environment for the

insurance industry, and with its forward-looking and

business-friendly regulatory regime it hopes to

sustain this growth in the long-term. As of 2010,

Bahrain is home to more than 170 insurance entities

which includes Bahraini firms, overseas firms,

brokers, insurance managers, insurance

consultants, actuaries, loss adjustors, insurance

pools & syndicates, insurance society and appointed

representatives.

Bahrain has achieved preeminence as the regionalfinancial services centre, through the Government's

wise and far-sighted policy of maintaining an open

and diversified economy base and by paying close

attention to the legal and regulatory infrastructure.

This has provided the framework for the Bahrain

insurance industry to flourish and for Bahrain to

become the insurance hub of this important region.

Since 2002,the Central Bank of Bahrain (CBB) acts

as the regulator of the insurance sector and provides

an efficient regulatory framework for financial

services firms operating in Bahrain. Further, all legal,

regulatory and supervisory insurance frameworks

observe the essential criteria of the International

Association of Insurance Supervisors (IAIS) core

principles and methodology.
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Long-term

23%

General

77%

The Insurance industry continued to grow in 2011supported by a growth in the domestic economy.Major indicators showed positive performance asreflected as follows:

Total gross premiums written in the Kingdomgrew by around 2% to register BD 214.94million in 2011(2010: BD 210.48 million).

Gross insurance premiums for Engineering lineof business registered a significant growth byaround 31% to register BD 16.45 million in2011 compared to BD 12.55 million in 2010.

Gross insurance premiums for Medical line ofbusiness increased by around 10% from BD31.75 million in 2010 to BD 34.84 million in2011. Medical insurance represented around16% of the total premiums underwritten in2011.

Bahrains Insurance Penetration Rate for theyear 2011 was 2.51% (2010: 2.55%).

1. Insurance Firms:

Bahrains domestic insurance market, includingboth Conventional Insurance and Takaful,comprises of 27 locally incorporated firms and 11Overseas Insurance Firms (branches of foreigncompanies) carrying out insurance business in theKingdom of Bahrain.

Premiums

General Insurance:

Total volume in terms of gross premiums of

general insurance business in Bahrain wasBD 166.07 million in 2011 compared to BD 159.13million in 2010 represented around 4% increase.

Long-term Insurance:

Bahrain's Long-term gross premiums (life andsaving products) decreased by around 5% toregister BD 48.88 million in 2011 (2010: BD51.36 million) represented around 23% of totalgross premiums in Bahrain (2010: 24%).

Assets

In 2011, total assets of Insurance and TakafulFirms (including shareholders and participantsfunds) increased by around 8% to register BD1,464.04 million compared to BD 1,360.51 millionin 2010. Total Assets of Conventional InsuranceFirms increased by approximately 11% to registerBD 1,135.96 million in 2011 compared to BD1,026.6 million in 2010. Moreover, Takaful Firmsassets (including shareholders and participantsfunds) increased by 3% in 2011, while assets ofOverseas Insurance Firms decreased by around4%.

Total assets of Conventional Insurance Firmsrepresented around 78% of the total assets of theinsurance industry followed by Overseas InsuranceFirms by around 14% and Takaful Firms by around8% in 2011.

Investments

The total investments of Bahraini insurance firmsslightly decreased to register BD 475.34 million in2011 compared to BD 480.41 million in 2010.

Moreover, Other Fixed Income Securities listed,other than Government Debt Securities, was thelargest investment category as it representedapproximately 46% of total investments in 2011.

Chart 2-1: Gross Premiums of Insurance Firmsfor 2011


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Capital

On the capital side, the paid-up capital of Bahraini

insurance firms increased by around 6% to reachBD 173.6 million in 2011 (2010: BD 163.33million), mainly due to recapitalisation of capital.It should be noted that Takaful Firms total EligiblePaid-up Capital represented around 36% share ofthe total Eligible Paid-up Capital of Bahrainiinsurance firms in 2011.

2. Takaful Firms:

At the end of 2011, the number of licensed TakafulFirms totaled 7 locally incorporated companies.The gross contributions of Takaful Firms operating

in Bahrain have risen significantly over the courseof the last ten years. Takaful firms grosscontributions reached BD 40.19 million in 2011compared to BD 38.55 million in 2010, an increaseof around 4%.

Due to the increase in the number of Reinsuranceand Retakaful Firms licensed in Bahrain since2006, this report contains a separate section(Section Five) relating to the Reinsurance andRetakaful market in the Kingdom.

3. Insurance Intermediaries and Managers:

This category includes the following:

1. Insurance Brokers;2. Insurance Consultants;3. Insurance Managers; and4. Appointed Representatives.

At the end of 2011, the number of licensedinsurance Intermediaries and Managers reached33 Brokers, 5 Consultants and 3 InsuranceManagers. While Appointed Representativestotaled 13 corporate and 40 individual.

4. Supplementary Insurance Services:

Supplementary Insurance services include thefollowing:

1. Loss Adjusters;2. Actuaries;3. Representative Offices; and4. Insurance Ancillary Services.

At the end of 2011, the number of registeredSupplementary Insurance Services totaled 11 LossAdjusters, 27 Actuaries, 3 Insurance AncillaryServices, and 5 Representative Offices.

5. Insurance Syndicates:

Both the Arab War Risks Insurance Syndicate andthe Federation of the Afro-Asian Oil and EnergyInsurance Syndicate have offices in the Kingdomof Bahrain with a membership of 180 and 36Insurance and Reinsurance Companiesrespectively.

6. Captive Insurers:

The CBB has granted license to two captiveinsurers, Tabreed Captive Insurance Companyand Masheed Captive Insurance Company.

7. Companies Restricted to BusinessOutside Bahrain:

Bahrain enjoys a good reputation and prominentposition as an international financial centre. TheKingdom hosts many Insurance Firms carrying outbusiness outside the Kingdom of Bahrain. Most of

these firms are conducting insurance operations inthe Kingdom of Saudi Arabia.

As a result, during recent years, several firmswhose license was restricted to do businessoutside Bahrain have amended the scope of theirlicense to allow them to operate within theKingdom of Bahrain. These companies havebecome part of the locally incorporated insurancecompanies.

On the other hand, several firms that obtainedlicense from Saudis Authorities have transferred

their whole insurance portfolio to the newlylicensed companies in the Kingdom of SaudiArabia during 2010 and 2011.


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8. Insurance Appointed Representatives:

The CBB issued resolution number (11) for theyear 2009, dealing with the registration ofInsurance Actuaries, Consultants, Loss Adjusters,Brokers and Representatives of InsuranceCompanies operating in the Kingdom Bahrain.

The resolution requires individuals and corporatesthat are designated as appointed representatives

by insurance firms to meet the minimumqualifications recognised by the CBB.

At the end of 2011 the number of registeredinsurance appointed representatives totaled 13corporate and 40 individual.

Table 2-1: Insurance Appointed Representatives

Corporate Appointed Representatives

Insurance FirmRegistered Corporate

Appointed Representatives

Type of

Business

No. of

Designated

Individual

Under The

Corporate

Type of Insurance

3 Family Takaful

9 General Takaful

BBK Bank 2 Family Takaful

BMI Bank Bank 1 Family & General

HSBC Bank Middle East Bank 15 Long-term Insurance

ICICI Bank Limited Bank 7 Long-term Insurance

Citibank Bank 71 Long-term Insurance

Standard Chartered Bank Bank 21 Long-term Insurance

Mashreqbank PSC Bank 2 Long-term Insurance

AXA Insurance (Gulf) B.S.C. (c) HSBC Bank Middle East Limited Bank 10 General Takaful

State Bank of India Bank 5 Long-term Insurance

BBK NRI Business Unit Bank 2 Long-term Insurance

International Agencies Co. Ltd

(Intercol)Commercial 19 Long-term Insurance

Takaful International Bahrain Islamic Bank Bank 2 General Takaful

Individual Appointed Representatives

Insurance FirmNo. of Registered Individual

Appointed Representatives

T'azur Company B.S.C. (c) 1

American Life Insurance Company (MetLife Alico) 39

Type of Insurance

Family Takaful

Long-term Insurance

Life Insurance Corporation (International) B.S.C. (c)

HSBC Bank-Amanah

MedGulf Allianz Takaful B.S.C. (c)

Bank

Zurich International Life Limited

American Life Insurance Company (MetLife Alico)


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Table 2-2: Insurance Firms and Organisations Authorised in Bahrain (2002 - 2011)


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9. Bahrain Insurance Association (BIA):

In September 1993, insurance companies andorganisations actively involved in the insurancemarket set up the Bahrain Insurance Association(BIA). The BIA was consequntly registered by theCBB as an insurance society in 2009.

The BIA aims to promote the interests of itsmembers, further develop the insurance industryand enhance insurance awareness in themarketplace.

10. Insurance Learning Center:

The Insurance Learning Center (ILC), which wasestablished in 1986, is considered as one of thebiggest specialised insurance training centers inthe Gulf and wider Middle East region.

This Centre, which is located at the BahrainInstitute of Banking and Finance (BIBF), catersfor all the training and development needs of theinsurance industry to enable its trainees toacquire advanced insurance qualifications. The

most notable of these qualifications are:

Insurance Studies Diploma in both Arabicand English;

Advanced Insurance Diploma in both Arabicand English;

Insurance Management Diploma in English;

Certificate of Insurance Practice (CIP) in bothArabic and English;

Exams of the Associateship of the CharteredInsurance Institute (ACII);

Award in General Insurance in both Arabicand English;

Award in Financial Planning in both Arabicand English; and

Certified Insurance Supervisor (CIS) inEnglish.

Moreover, the ILC is the only recognizedinstitution in the Arabian Gulf region for offeringthe examinations of the Chartered Institute forLoss Adjusters (CILA) and American Institute forProperty and Casualty Underwriters (AICPCU)Certificate.

The ILC also offers specialised insurance trainingcourses, both in Bahrain and abroad.

11. Gulf Insurance Institute:

The Gulf Insurance Institute (GII) wasestablished in June 2007, providing an additionalsource of training for the insurance industry. Itaims at serving the growing needs for humancapital developments in the insurance, riskmanagement and financial services sector in theregion.

The GII focuses on developing and promoting theprofession of Conventional Insurance andTakaful practice in the Gulf, and assists theregion in transforming and ensuring sustainabilityin insurance and financial services according tointernational standards.


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Bahraini62%

Non-Bahraini

38%

12. Bahrain Insurance Market Manpower

In 2011, the number of employees in theKingdoms insurance sector totaled 1,661employee compared to 1,726 employee for 2010.

Table 2-3: Bahrain Insurance Market Manpower (2007-2011)

Bahraini Non Bah. Bahraini Non Bah. Bahraini Non Bah. Bahraini Non Bah. Total % of Bah.

2011 787 365 65 74 171 199 1023 638 1,661 62%

2010 785 380 62 66 196 237 1043 683 1,726 60%

2009 726 327 56 73 175 209 957 609 1,566 61%

2008 676 294 54 60 139 171 869 525 1,394 62%

2007 617 236 46 59 117 149 780 444 1,224 64%

Bahraini Ins. Firms Overseas Ins. FirmsReinsurance /

Retakaful FirmsT O T A L

Chart 2-2: Bahrain Insurance MarketManpower in 2011


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Conventional Insurance Firms:

Assets

Total assets deployed in general insurance classesincreased by almost 12% to register BD 834.07million in 2011 compared to BD 744.57 million in2010. The assets deployed in long-term class haveincreased by around 7% to reach BD 284.58 millionin 2011 compared to BD 265.09 million in 2010.

The assets deployed in linked long-term class haveregistered BD 17.32 million in 2011 compared toBD 16.95 in 2010. Accordingly, total assets ofConventional Insurers increased by almost 11% toregister BD 1,135.96 million in 2011 compared toBD 1,026.6 million in 2010.

Liabilities

Total liabilities deployed in general insuranceclasses increased by almost 1% to register BD468.68 million in 2011 compared to BD 464.64million in 2010. The liabilities deployed in long-term

classes have also increased by around 14% toreach BD 245.48 million in 2011 compared to BD216.13 million in 2010.Accordingly, total liabilities of Conventional Insurersincreased to register BD 714.16 million in 2011compared to BD 680.77 million in 2010, showing anincrease of around 5%.

Capital

Bahraini Insurance Firms must maintain sufficientcapital to enable them to meet at all times theirinsurance and other obligations. The minimumTier 1 Capital for Bahraini Insurance Firms is BD 5million, except for those firms whose business islimited to reinsurance. Bahraini Insurance Firmswhose business is limited to reinsurance must haveminimum Tier 1 Capital requirement of BD 10

million. Overseas Insurance Firms and CaptiveInsurers are not subject to a minimum Tier 1 Capitalbut must comply with the Required SolvencyMargin and Minimum Fund requirements, asdefined in ChapterCA-2 of the Insurance Rulebook(Volume 3).

Tier 1 Capital comprises of the following:

Paid-up shares (net of treasury shares),also known as eligible paid up capital;

Share premium reserve;

All disclosed reserves brought forward, thatare audited and approved by shareholders,in the form of legal, general and otherreserves created by appropriations ofretained earnings, excluding fair valuereserve;

Unappropriated retained earnings,excluding cumulative unrealised fair valuegains, brought forward; and

Audited current year's earnings net ofunrealised fair value gains and beforetaxes.

Conventional Insurers paid-up capital registeredBD 110.94 million in 2011 compared to BD 100.67million in 2010, registering an increase of around10%. Total Tier 1 Capital of Conventional Firmsregistered BD 330.75 million in 2011 (2010: BD302.19).

For Overseas Insurance Firms, the audited netassets (excluding any unrealised fair value gainsand the surplus assets of long-term funds) amountis determined in accordance with accountingstandards that would be applicable if they were ajoint stock company incorporated in Bahrain.
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Profitability

Total net profit of Conventional Insurance Firmsregistered BD 55.5 million in 2011 compared toBD 52.31 million in 2010 showing an increase ofaround 6%. Moreover, the underwriting profitincreased by 4% to register BD 19.17 million in2011 compared to BD 18.41 million in 2010.

On the other hand, the net investment income(investment income less investment cost)decreased by around 9% that registered BD 22.7million in 2011 compared to BD 24.86 million in2010.

Chart 3-1: Net Profit of Conventional Firms for the last two years

-

10,000

20,000

30,000

40,000

50,000

60,000

UnderwritingProfit (Loss)

Net InvestmentIncome

Net Profit

BD'000

2011

2010


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Overseas Insurance Firms (Foreign Branches):

Assets

Total Assets of Overseas Insurance Firmsdecreased to register BD 213.3 million in 2011compared to BD 222.7 million in 2010. The maincomponent of Overseas Insurance Firms totalassets is the Linked long-term assets whichrepresented around 52% in 2011.

Unit Linked long-term assets are contracts in whichits premiums are linked to investment units managedby the insurance company itself or Trustees. All orpart of the premiums are invested to purchaseUNITS in the Fund at a price ruling at the time ofpayment. Accordingly, the future value of the policywill, then, fluctuate with the value of the allocatedUNITS.

Liabilities

Total Overseas Insurance Firms liabilities decreasedby almost 7% to register BD 178.33 million in 2011

compared to BD 190.66 million in 2010.

Profitability

The Overseas Insurance Firms have recorded anincrease in gross premiums by around 8% toregister BD 51.08 million in 2011 (2010: BD 47.31million). Overseas Insurance Firms account foralmost 46% of the total long-term business of theBahrain Insurance Market in 2011.

It is worth mentioning that Overseas InsuranceFirms registered a significant growth in net profit to

register BD 6.82 million in 2011 compared to BD949,000 in 2010.

Chart 3-3: Total Assets of Overseas InsuranceFirms for the year 2011

GeneralInsurance

56%

Long-term

Insurance44%

Chart 3-4: Gross Premiums of Overseas Insurance

Firms for the year 2011

GeneralInsuranceAssets

22%Long-termInsuranceAssets

78%


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This section highlights the operations of Insurance Market by class of business and the retention level

for each class. The classes of business presented have been grouped as follows:

Long-term (Life & Savings Products)

Fire, Property & Liability

Marine (Cargo & Hull) & Aviation

Motor

Medical

Other Classesincluding

o Miscellaneous Financial Loss

o Engineering

o Other

Table 4-1: Gross Premiums and Claims of Insurance Firms Operating in Bahrain (By Class)

BD' 000 2011 2010 % 2011 2010 % 2011 2010 % 2011 2010 %

Long-term 48,877 51,356 -5% 44,365 35,449 25% 19,971 18,843 6% 9,557 8,781 9%

Fire, Property & Liability 38,645 35,656 8% 7,792 7,724 1% 12,767 12,577 2% 3,133 4,976 -37%

Miscellaneous Financial Loss 4,043 4,302 -6% 1,218 1,524 -20% 1,190 2,092 -43% 477 778 -39%

Marine & Aviation 7,064 8,038 -12% 1,848 1,991 -7% 717 400 79% 187 228 -18%

Motor 55,627 57,467 -3% 47,986 49,939 -4% 41,855 46,494 -10% 30,347 32,906 -8%

Engineering 16,456 12,546 31% 5,015 2,288 119% 3,513 2,948 19% 946 243 289%

Medical 34,844 31,754 10% 20,836 16,494 26% 24,636 21,679 14% 14,634 10,226 43%

Other 9,387 9,365 0.2% 3,221 2,634 22% 1,957 3,302 -41% 687 494 39%

Total 214,943 210,484 2% 132,281 118,043 12% 106,606 108,335 -2% 59,968 58,632 2%

Net ClaimsGross Premiums Gross ClaimsNet Premiums Written

2011 2010 2011 2010

Long-term 91% 69% 27% 25%

Fire, Property & Liability 20% 22% 43% 71%

Miscellaneous Financial Loss 30% 35% 33% 69%

Marine & Aviation 26% 25% 10% 11%

Motor 86% 87% 63% 68%

Engineering 30% 18% 26% 13%

Medical 60% 52% 76% 65%

Other 34% 28% 21% 21%1Net Premiums Written / Gross Premiums

2Net Claims Incurred / Net Premiums Earned

Retention Ratio1

loss Ratio2

Table 4-2: Retention Ratio and Loss Ratio (By Class)


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Long-term23%

General77%

LONG-TERM INSURANCE:

1. Premiums:

Long-term Insurance coverage includes thefollowing policies:

Group life assurance;Group credit life assurance;

Level anddecreasing term assurance; Unit-linked assurance; Participating with profit policies; and Childrens education policies.

This is in addition to the ancillary benefits thatare normally attached to such types of lifeassurance. During 2011, long-term insurancepremiums decreased by around 5% with a totalof BD 48.88 million compared with BD 51.36million in 2010.

Long-term insurance premiums represented23% of the total premiums written by insurance

market of BD 214.94 million in 2011 with 91%retention ratio in 2011.

2. Claims:

Gross claims of Long-term insurance increasedby around 6% to register BD 19.97 million in2011 compared to BD 18.84 million in 2010.

Chart 4-1: Gross Premiums of InsuranceFirms for the year 2011


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0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

BD'000

Gross Premiums

Gross Claims

3. Five Year Performance:

Table 4-3: Gross Premiums & Claims of Long-term Insurance for the last five years

Chart 4-2: Gross Premiums & Claims of Long-termInsurance for the last five years

BD '000 Gross Premiums Gross Claims

2007 37,693 8,888

2008 51,572 21,511

2009 57,31013,8472010 51,356 18,843

2011 48,877 19,971


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FIRE, PROPERTY & LIABILITY INSURANCE:

1. Premiums:

Fire, Property & Liability insurance premiumsrepresented around 18% of the insurancemarket in 2011. Fire, Property & Liabilityinsurance premiums totaled BD 38.65 million in2011 compared to BD 35.66 million in 2010,showing an increase of around 8% over theperiod 2010-2011.

The retention ratio of Fire, Property & Liabilityclass reaches almost 20% in 2011 compared toaround 22% in 2010.

2. Claims:

During 2011, Property & Liability insuranceclaims increased by around 2% to register BD12.77 million in 2011 compared to BD 12.58

million in 2010.

Moreover, the loss ratio for this class ofbusiness was almost 43% in 2011.

Chart 4-3: Gross Premiums of Fire, Property& Liability Insurance for the year 2011

Fire,Property &

Liability18%

OtherInsurances82%


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Table 4-4: Gross Premiums & Claims of Fire, Property & LiabilityInsurance for the last five years


2007 19,600 5,383

2008 30,952 9,6772009 32,506 7,184

2010 35,656 12,577

2011 38,645 12,767

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

BD'000

Gross Premiums

Gross Claims

Chart 4-4: Gross Premiums & Claims of Fire, Property &Liabilit Insurance for the last five ears


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MARINE & AVIATION INSURANCE:

1. Premiums:

Marine and Aviation insurance premiumsregistered BD 7.06 million in 2011 compared toBD 8.04 million in 2010, showing a decrease ofalmost 12% over the period 2010-2011.

Marine and Aviation insurance has a relativelylow retention ratio reflecting the heavy reliance

on reinsurance arrangements. In 2011, theretention ratio was around 26% (2010: 25%).

2. Claims:

Gross claims of Marine and Aviation insuranceamounted to BD 717,000 in 2011 compared toBD 400,000 in 2010 with a loss ratio of around10% in 2011.

Chart 4-5: Gross Premiums of Marine &Aviation Insurance for the year 2011

Marine &Aviation

3%

OtherInsurances

97%


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0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

BD'000

Gross Premiums

Gross Claims

Table 4-5: Gross Premiums & Claims of Marine & Aviation Insurancefor the last Five years

Chart 4-6: Gross Premiums & Claims of Marine &Aviation Insurance for the last five years


2007 6,878 1,345

2008 7,539 2,805

2009 7,870 762

2010 8,038 400

2011 7,064 717


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Motor26%

OtherInsurances

74%

MOTOR INSURANCE:

1. Premiums:

Motor insurance business represented themost significant portion of insurance businesswritten in Bahrain, representing almost 26% ofthe total premiums written in the insurancemarket in 2011.However, Motor insurance premiumsdecreased by around 3% during 2011 toregister BD 55.63 million compared to BD57.47 million in 2010.

Insurance firms continued to retain a high levelof Motor insurance premiums with a retentionratio of 86% in 2011.

Furthermore, the Motor Comprehensivepremiums and Motor Third Party premiumsregistered 66% and 34% respectively of thetotal Motor insurance premiums in 2011.

2. Claims:

Motor insurance claims registered BD 41.86million in 2011 compared to BD 46.49 million in2010 with a loss ratio of around 63% in 2011.

Chart 4-7: Gross Premiums of MotorInsurance for the year 2011


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Table 4-6: Gross Premiums & Claims of Motor Insurance for the last five years

Chart 4-8: Gross Premiums & Claims of MotorInsurance for the last five years


2007 47,003 36,058

2008 54,659 42,490

2009 57,009 46,7412010 57,467 46,494

2011 55,627 41,855

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

BD'000

Gross Premiums

Gross Claims


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Medical16%

OtherInsurances

84%

MEDICAL INSURANCE:

1. Premiums:

Gross premiums of Medical insurance in 2011amounted to BD 34.84 million compared toBD 31.75 million in 2010, registered around10% growth.

Medical insurance premiums representedaround 16% of the total premiums underwrittenin the Bahraini market in 2011.

The Medical retention ratio was almost 60% in2011.

2. Claims:

During 2011 Medical gross claims registered

BD 24.64 million compared to BD 21.68 millionin 2010 with a loss ratio of around 76% in 2011.

Chart 4-9: Gross Premiums of MedicalInsurance for the year 2011


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Table 4-7: Gross Premiums & Claims of Medical Insurance for the last five years

Chart 4-10: Gross Premiums & Claims of MedicalInsurance for the last five years


2007 14,746 10,060

2008 21,232 13,3552009 27,021 17,090

2010 31,754 21,679

2011 34,844 24,636

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

BD'000

Gross Premiums

Gross Claims


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OtherInsurances

86%

OtherClasses ofInsurance

14%

OTHER CLASSES OF INSURANCE:

1. Premiums:

Other Classes of insurance business includes

Engineering, Miscellaneous Financial Loss, andothers.

Gross premiums of other classes of insurancebusiness registered BD 29.89 million in 2011compared to BD 26.21 million in 2010, an increaseof approximately 14%.

The premiums for these classes representedaround 14% of the total premiums written in theinsurance market in 2011.

2. Claims:

During 2011, the gross claims of other classesregistered BD 6.66 million compared to BD 8.34million in 2010.

Chart 4-11: Gross Premiums for OtherClasses for the year 2011


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3. Five Year Performance Analysis:

Table 4-8: Gross Premiums & Claims for Other Classes for the last five years

Chart 4-12: Gross Premiums & Claims for Other Classesfor the last five years


2007 14,165 4,317

2008 20,683 4,492

2009 18,844 7,450

2010 26,213 8,342

2011 29,886 6,660

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

BD'000

Gross Premiums

Gross Claims


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During recent years, number of Reinsurance andRetakaful firms licensed in Bahrain continued toincrease. By end of 2011, there were fiveconventional Reinsurance firms and two Retakafulfirms in Bahrain.

The gross premiums of Reinsurance and Retakaful

firms have increased to register BD 349.53 millionin 2011 compared to BD 323 million in 2010, anincrease of around 8% over the period 2010-2011.

Reinsurance & Retakaful Firms retained around81% of the gross premiums to register BD 282.81million in 2011 compared to BD 251.71 million in2010.

On the other hand, Gross claims of Reinsurance &Retakaful Firms increased significantly to register

BD 272.83 million in 2011 compared to BD 200.81million in 2010, an increase of around 36%.

Table 5-1: Analysis of Premiums & Claims of Reinsurance & Retakaful FirmsOperating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010 2011 2010

Reinsuance

Arab Insurance Group (Arig) 89,087 90,279 80,467 79,851 68,240 66,169 62,998 60,435

Hannover Ruckersicherung 39,849 27,753 39,156 27,317 24,845 18,867 24,675 18,782

Labuan Reinsurance (L) Ltd.1 0 6,717 0 5,995 0 3,674 0 3,674

New Hampshire Insurance Co. 7,374 6,218 225 221 2,220 2,133 266 96

Trust International Ins. & Reins. Co. 127,067 113,912 86,129 71,694 93,542 69,855 53,956 39,105

Total of Reinsurance 263,377 244,879 205,977 185,078 188,847 160,698 141,895 122,092

Retakaful

ACR Retakaful 39,079 44,551 31,781 34,012 59,083 22,023 45,098 15,120

Hannover ReTakaful 47,074 33,565 45,052 32,624 24,896 18,091 24,896 18,091

Total of Retakaful 86,153 78,116 76,833 66,636 83,979 40,114 69,994 33,211

GRAND TOTAL 349,530 322,995 282,810 251,714 272,826 200,812 211,889 155,303

1License withdrawn during 2012

Gross PremiumsRetained

PremiumsGross Claims Net Claims


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Retakaful25%

Reinsurance75%

There has been rapidly expanding demand forRetakaful business due to the increases in thenumber of Takaful firms over the past decade ininternational insurance market.

In 2006, the Central bank of Bahrain licensed thefirst Retakaful firm; Hannover Retakaful company.Subsequently, during 2008 the CBB licensed thesecond Retakaful firms; ACR Retakaful Company.

The gross contributions of Retakaful firmsincreased from BD 78.12 million in 2010 to BD86.15 million in 2011, an increase of around 10%over the period 2010-2011. It is worthwhile to saythat Retakaful business represents approximately25% of the total Reinsurance & Retakafulpremiums/contributions.

Chart 5-1: Reinsurance & Retakaful Premiums/Contributions in the year 2011


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Table 5-2: Financial Position of Reinsurance Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010

ASSETS

General insurance business

Total investments in group undertakings and participating

interests26,448 27,420 0 0 0 0 0 0 10,899 10,717 37,347 38,137

Total Investments 191,676 179,367 7,235 3,170 0 6,691 0 0 57,871 62,005 256,782 251,233

Deposits with ceding undertakings 18,445 24,738 0 0 0 0 0 0 10,429 10,050 28,874 34,788

Total reinsurance assets 18,675 22,605 333 85 0 26 8,811 8,240 92,995 78,175 120,814 109,131

Total Insurance receivables 63,630 72,261 9,532 5,695 0 3,435 1,549 2,157 51,693 47,264 126,404 130,812

Total other receivables 4,802 1,101 11 4 0 0 553 161 33,219 17,923 38,585 19,189

Tangible assets 3,205 3,285 0 0 0 22 15 11 275 543 3,495 3,861

Total cash at bank and in hand 18,815 19,856 24,652 19,553 0 3 3,643 1,947 49,029 33,018 96,139 74,377

Total prepayments and accrued income 9,711 8,599 19,611 14,489 0 704 673 527 15,180 17,200 45,175 41,519

Total other assets 386 1,703 0 0 0 0 0 0 0 0 386 1,703

Total General insurance business assets 355,793 360,935 61,374 42,996 0 10,881 15,244 13,043 321,590 276,895 754,001 704,750

Long-term business assets 0 0 0 0 0 0 0 0 0 0 0 0

Linked long term assets 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL ASSETS 355,793 360,935 61,374 42,996 0 10,881 15,244 13,043 321,590 276,895 754,001 704,750

LIABILITIES


Total technical provisions 230,847 237,194 55,537 38,582 0 9,615 10,339 9,693 193,519 145,122 490,242 440,206

Total creditors 41,128 25,694 2,600 1,777 0 21 4,125 2,755 48,142 53,965 95,995 84,212

Total General insurance business liabilities 271,975 262,888 58,137 40,359 0 9,636 14,464 12,448 241,661 199,087 586,237 524,418

Long term business liabilities 0 0 0 0 0 0 0 0 0 0 0 0

TOTAL LIABILITIES 271,975 262,888 58,137 40,359 0 9,636 14,464 12,448 241,661 199,087 586,237 524,418

SHAREHOLDERS'S EQUITY/HEAD OFFICE ACCOUNT 83,818 98,047 3,237 2,637 0 1,257 780 595 79,927 77,808 167,762 180,344


Trust

International Ins.

& Reins. Co.

Reinsurance

TotalArab Insurance

Group

Hannover

Ruckersicherung

Labuan

Reinsurance (L)

Ltd1

New Hampshire

Insurance Co.


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Table 5-3: Financial Position of Retakaful Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010

ASSETS

Total investments in group undertakings and participating

interests0 0 0 0 0 0

Total Investments 36,048 71,636 17,867 18,038 53,915 89,674

Total other receivables 5,871 61 2,312 1,356 8,183 1,417

Tangible assets 21 48 58 92 79 140

Total cash at bank and in hand 26,744 5,097 785 858 27,529 5,955

Total prepayments and accrued income 177 447 44 34 221 481

Total other assets 13,820 3,385 13,688 8,261 27,508 11,646

Total Shareholders Assets (Excludes Qard Hassan) 82,681 80,674 34,754 28,639 117,435 109,313

Total General Takaful business assets 89,772 69,509 45,988 44,876 135,760 114,385

Family Takaful business assets 0 0 14,535 6,726 14,535 6,726

Linked Family Takaful assets 0 0 0 0 0 0

TOTAL ASSETS 172,453 150,183 95,277 80,241 267,730 230,424

LIABILITIES

Takaful Liabilities

Shareholders liabilities 3,558 2,465 3,080 3,029 6,638 5,494

General Takaful liabilities:

Total technical provisions 95,818 53,440 40,007 30,514 135,825 83,954

Total creditors 13,017 12,689 3,594 9,715 16,611 22,404

Provision for adverse changes 0 0 0 0 0 0

Total General Takaful liabilities (Excludes Qard Hassan) 108,835 66,129 43,601 40,229 152,436 106,358Family Takaful liabilities (Excludes Qard Hassan) 0 0 13,630 6,184 13,630 6,184

TOTAL LIABILITIES 112,393 68,594 60,311 49,442 172,704 118,036

SHAREHOLDERS'S EQUITY 79,123 78,209 34,302 28,199 113,425 106,408

Retakaful

TOTAL

ACR RetakafulHannover

ReTakaful


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Table 5-4: Income Statement of Reinsurance Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010

UNDERWRITING OPERATIONS

Premiums Written

Direct 0 0 0 0 0 6,717 0 0 0 0 0 6,717

Reinsurance Assumed 89,087 90,279 39,850 27,753 0 0 7,374 6,268 127,067 113,912 263,378 238,212

Gross Premiums 89,087 90,279 39,850 27,753 0 6,717 7,374 6,268 127,067 113,912 263,378 244,929

Reinsurance Ceded 8,620 10,428 535 436 0 722 7,149 6,047 40,939 42,217 57,243 59,850

Net Premiums Written 80,467 79,851 39,315 27,317 0 5,995 225 221 86,128 71,695 206,135 185,079

Decrease (increase) in Unearned Premium 3,114 3,945 (3,547) (2,344) 0 75 15 28 (9,145) (10,210) (9,563) (8,506)

Net Premiums Earned 83,581 83,796 35,768 24,973 0 6,070 240 249 76,983 61,485 196,572 176,573

Service Charges 0 0 0 0 0 0 0 0 0 0 0 0

Other 0 0 0 0 0 0 0 0 637 0 637 0

Total Underwriting Revenue 83,581 83,796 35,768 24,973 0 6,070 240 249 77,620 61,485 197,209 176,573

Net Claims and Adjustment Expenses 62,998 60,435 24,674 16,258 0 3,674 36 96 53,957 39,105 141,665 119,568

Acquisition Expenses 0 0

Commissions (net) 20,755 17,294 9,941 6,801 0 2,088 (831) (720) 14,793 10,497 44,658 35,960

Others 0 0 0 0 0 0 0 0 0 38 0 38

General Expenses 6,287 7,630 847 786 0 573 1,416 934 5,371 5,432 13,921 15,355

Total Claims and Expenses 90,040 85,359 35,462 23,845 0 6,335 621 310 74,121 55,072 200,244 170,921

Underwriting Income (Loss) (6,459) (1,563) 306 1,128 0 (265) (381) (61) 3,499 6,413 (3,035) 5,652

INVESTMENT OPERATIONS 'Investment Income 2,393 10,624 408 286 0 249 2 3 4,675 1,503 7,478 12,665

Investment Expenses 816 742 0 0 0 0 0 0 1,318 1,108 2,134 1,850

Net Investment Income 1,577 9,882 408 286 0 249 2 3 3,357 395 5,344 10,815

OTHER REVENUE AND EXPENSES

Other (2,300) (490) 54 (43) 0 140 0 0 296 0 (1,950) (393)

NET INCOME (LOSS) (7,182) 7,829 768 1,371 0 124 (379) (58) 7,152 6,808 359 16,074

Trust International

Ins. & Reins. Co.


Reinsurance

TotalArab Insurance

Group

Hannover

Ruckersicherung

Labuan

Reinsurance (L)

Ltd1

New Hampshire

Insurance Co.


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Table 5-5: Income Statement of Retakaful Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010

Statement of Participants' Revenue and Expenses

UNDERWRITING OPERATIONS

Contributions Written

Direct 0 0 0 0 0 0

Reinsurance Assumed 39,079 44,551 47,073 30,247 86,152 74,798

Gross Contributions 39,079 44,551 47,073 30,247 86,152 74,798

Reinsurance Ceded 7,298 10,539 1,157 310 8,455 10,849

Net Contributions Written 31,781 34,012 45,916 29,937 77,697 63,949

Decrease (increase) in Unearned Premiums (699) (8,024) (7,109) (4,234) (7,808) (12,258)

Contributions Earned 31,082 25,988 38,807 25,703 69,889 51,691

Reinsurance & Retakaful commissions (net) 2,268 2,548 0 0 2,268 2,548

Total Underwriting Revenue 33,350 28,536 38,807 25,703 72,157 54,239

Claims Paid 17,761 6,757 16,245 10,511 34,006 17,268

Recovered claims from reinsurers and other parties 3,581 1,545 0 0 3,581 1,545

Net Claims Paid 14,180 5,212 16,245 10,511 30,425 15,723

Outstanding claims at the end of financial year 41,321 15,264 9,440 6,234 50,761 21,498

Less recoverable outstanding claims from reinsurers

and other parties 10,404 5,356 0 0 10,404 5,356

Net claims incurred 45,097 15,120 25,685 16,745 70,782 31,865

Wakala Fee 3,620 2,080 6,188 5,581 9,808 7,661

Acquisition costs 11,684 10,289 10,485 7,202 22,169 17,491

Other underwriting expense 1,446 (46) 45 263 1,491 217

Total Claims and Expenses 61,847 27,443 42,403 29,791 104,250 57,234

Net surplus(deficit) from underwriting operations (28,497) 1,093 (3,596) (4,088) (32,093) (2,995)

INVESTMENT OPERATIONS

Investment Income 199 263 413 78 612 341

Investment Expenses 79 103 0 0 79 103

Net Investment Income (before mudaraba share) 120 160 413 78 533 238

Mudharaba share 0 0 150 31 150 31

Net Investment Income 120 160 263 47 383 207SURPLUS (DEFICIT) OF REVENUES OVER EXPENSES (28,377) 1,253 (3,333) (4,041) (31,710) (2,788)

Profit and Loss Account (Shareholders)

Takaful fees - General Takaful 3,620 2,080 4,627 4,815 8,247 6,895

Takaful fees - Family Takaful 0 0 1,711 797 1,711 797

Investment income 1,352 2,226 621 402 1,973 2,628

Investment expenses 0 0 0 0 0 0

Other income and expenses (4,058) (2,886) (856) (917) (4,914) (3,803)

Profit (loss) 914 1,420 6,103 5,097 7,017 6,517

Retakaful

Total

ACR RetakafulHannover

ReTakaful


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Table 5-6: Analysis of Premiums/Contributions & Claims of Reinsurance & RetakafulFirms Operating in Bahrain by class

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010

Conventional

Arab Insurance Group

G. Premiums Assumed 480 410 2,203 2,172 403 397 0 0 759 720 3 0 436 401

N. Written Premiums 429 362 1,969 1,921 360 351 0 0 679 636 3 0 390 355

G. Claims Assumed 906 672 2,313 1,406 17 (6) 0 0 317 303 (23) 0 198 178

N. Incurred Claims 906 672 1,990 1,005 18 (5) 0 0 324 295 (21) 0 203 171

Hannover Ruckersicherung

G. Premiums Assumed 0 0 0 683 661 0 0 0 381 673 0 0 192 251

N. Written Premiums 0 0 0 683 661 0 0 0 381 673 0 0 192 251

G. Claims Assumed 0 0 0 207 305 0 0 0 382 209 0 0 66 41

N. Incurred Claims 0 0 0 207 305 0 0 0 382 209 0 0 66 41

Labuan Reinsurance (L) Ltd1

G. Premiums Assumed 0 0 0 0 0 0 0 0 0 0 0 0 0 0


G. Claims Assumed 0 0 0 0 0 0 0 0 0 0 0 0 0 0


New Hampshire Insurance Co.

G. Premiums Assumed 0 0 1,896 1,475 0 0 973 753 23 0 0 0 0 5


G. Claims Assumed 0 0 667 931 0 0 607 152 1 4 0 0 0 0


Trust Int'l Ins. & Reins. Co.

G. Premiums Assumed 0 0 41,950 34,768 0 0 0 0 17,118 14,329 0 0 2,656 3,559

N. Written Premiums 0 0 29,282 20,816 0 0 0 0 10,566 5,393 0 0 1,944 1,749 G. Claims Assumed 0 0 42,006 17,355 0 0 0 0 14,627 8,773 0 0 3,518 3,169

N. Incurred Claims 0 0 20,639 10,441 0 0 0 0 6,493 3,163 0 0 2,113 1,527

Total G. Premiums of Reinsurance 480 410 46,049 39,098 1,064 397 973 753 18,281 15,722 3 0 3,284 4,216

Total G. Claims of Reinsurance 906 672 44,986 19,899 322 (6) 607 152 15,327 9,289 (23) 0 3,782 3,388

Takaful

ACR Retakaful

G. Contributions Assumed 0 0 123 911 0 0 0 0 142 231 0 0 (78) 199

N. Written Contributions 0 0 18 419 0 0 0 0 149 227 0 0 (104) 207

G. Claims Assumed 0 0 463 408 0 0 0 0 59 22 0 0 53 9


Hannover ReTakaful

G. Contributions Assumed 1,192 1,965 0 956 1,304 0 0 0 (26) 79 0 0 49 56

N. Written Contributions 1,192 1,965 0 956 1,304 0 0 0 (26) 79 0 0 49 56

G. Claims Assumed 790 976 0 191 851 0 0 0 14 8 0 0 2 52


Total G. Contributions of Retakaful 1,192 1,965 123 1,867 1,304 0 0 0 116 310 0 0 (29) 255

Total G. Claims of Retakaful 790 976 463 599 851 0 0 0 73 30 0 0 55 61

GRAND TOTAL of G. Premiums/Contributions 1,672 2,375 46,172 40,965 2,368 397 973 753 18,397 16,032 3 0 3,255 4,471

GRAND TOTAL of G. Claims 1,696 1,648 45,449 20,498 1,173 (6) 607 152 15,400 9,319 (23) 0 3,837 3,449


Bahrain

Miscellaneous

financial loss

Marine cargo,

marine hullAviation Motor Long-term Fire

Damage to

property


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Table 5-6: Analysis of Premiums/Contributions & Claims of Reinsurance & RetakafulFirms Operating in Bahrain by class (cont)

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010

Conventional

Arab Insurance Group

G. Premiums Assumed 1,367 1,343 436 401 1,889 1,883 1,767 1,778 7,689 11,435 71,655 69,339 89,087 90,279

N. Written Premiums 1,221 1,188 390 355 1,689 1,666 1,578 1,572 7,594 11,507 64,165 59,938 80,467 79,851 G. Claims Assumed 421 708 380 507 289 780 224 223 10,874 8,653 52,324 52,745 68,240 66,169

N. Incurred Claims 423 696 283 492 286 786 228 245 10,874 8,653 47,484 47,425 62,998 60,435

Hannover Ruckersicherung

G. Premiums Assumed 0 414 1,123 1,776 0 0 0 0 0 0 37,492 23,956 39,849 27,753

N. Written Premiums 0 414 1,123 1,776 0 0 0 0 0 0 36,799 23,520 39,156 27,317

G. Claims Assumed 0 69 998 1,998 0 0 0 0 0 0 23,094 16,343 24,845 18,867

N. Incurred Claims 0 69 998 1,998 0 0 0 0 0 0 22,924 16,258 24,675 18,782

Labuan Reinsurance (L) Ltd 1

G. Premiums Assumed 0 0 0 0 0 0 0 0 0 0 0 6,717 0 6,717

N. Written Premiums 0 0 0 0 0 0 0 0 0 0 0 5,995 0 5,995

G. Claims Assumed 0 0 0 0 0 0 0 0 0 0 0 3,674 0 3,674

N. Incurred Claims 0 0 0 0 0 0 0 0 0 0 0 3,674 0 3,674

New Hampshire Insurance Co.

G. Premiums Assumed 2,499 1,920 1,672 1,869 0 0 311 196 0 0 0 0 7,374 6,218


G. Claims Assumed 416 1,025 422 9 0 0 107 12 0 0 0 0 2,220 2,133


Trust Int'l Ins. & Reins. Co.

G. Premiums Assumed 10,192 8,865 0 309 0 0 55,151 52,082 0 0 0 0 127,067 113,912

N. Written Premiums 5,224 3,069 0 201 0 0 39,113 40,466 0 0 0 0 86,129 71,694

G. Claims Assumed 5,808 4,185 0 0 0 0 27,583 36,373 0 0 0 0 93,542 69,855

N. Incurred Claims 2,591 1,554 0 0 0 0 22,120 22,420 0 0 0 0 53,956 39,105

Total G. Premiums of Reinsurance 14,058 12,542 3,231 4,355 1,889 1,883 57,229 54,056 7,689 11,435 109,147 100,012 263,377 244,879

Total G. Claims of Reinsurance 6,645 5,987 1,800 2,514 289 780 27,914 36,608 10,874 8,653 75,418 72,762 188,847 160,698

Takaful

ACR Retakaful

G. Contributions Assumed (158) 409 25 66 0 0 41 24 0 0 38,984 42,711 39,079 44,551

N. Written Contributions (82) 200 18 46 0 0 1 7 0 0 31,781 32,906 31,781 34,012

G. Claims Assumed 69 26 41 8 0 0 53 21 0 0 58,345 21,529 59,083 22,023

N. Incurred Claims 16 14 27 6 0 0 7 2 0 0 44,861 14,969 45,098 15,120

Hannover ReTakaful

G. Contributions Assumed 0 96 180 166 0 0 0 0 14,220 4,366 30,155 25,881 47,074 33,565

N. Written Contributions 0 96 180 166 0 0 0 0 14,165 4,366 28,188 24,940 45,052 32,624

G. Claims Assumed 0 59 128 58 0 0 0 0 6,976 3,169 16,135 13,578 24,896 18,091

N. Incurred Claims 0 59 128 58 0 0 0 0 6,976 3,169 16,135 13,578 24,896 18,091

Total G. Contributions of Retakaful (158) 505 205 232 0 0 41 24 14,220 4,366 69,139 68,592 86,153 78,116Total G. Claims of Retakaful 69 85 169 66 0 0 53 21 6,976 3,169 74,480 35,107 83,979 40,114

GRAND TOTAL of G. Prem ium s/Contributions 13,900 13,047 3,436 4,587 1,889 1,883 57,270 54,080 21,909 15,801 178,286 168,604 349,530 322,995

GRAND TOTAL of G. Claims 6,714 6,072 1,969 2,580 289 780 27,967 36,629 17,850 11,822 149,898 107,869 272,826 200,812


Bahrain Non-Bahrain

Total

Medical (1 year) Other Long-term GeneralEngineering Liability


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Table 6-1: Gross Premiums of Insurance Firms Operating in Bahrain (cont)

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010

Bahraini Insurance Firms

Conventional Firms

Al Ahlia Insurance Co. 3,381 3,604 383 581 0 0 3,469 3,521 478 747 11,130 11,492

AXA Insurance (Gulf) Co. 4,758 5,003 198 140 223 204 4,305 3,170 2,346 2,281 15,815 14,282

Bahrain Kuwait Insurance Co. 4,903 5,100 3,757 2,641 756 737 1,449 1,512 1,068 962 23,871 22,904

Bahrain National Insurance Co. 9,628 9,756 750 1,277 892 1,073 0 0 0 0 14,929 15,846

Bahrain National Life Assurance Co. 0 0 0 0 0 0 3,326 3,149 0 0 5,197 4,920

Gulf Union Ins.& Re. Co. 9,120 8,963 271 320 578 815 1,512 1,255 0 0 13,084 13,042

Legal & General Gulf B.S.C. 0 0 0 0 0 0 0 0 0 0 659 162

Life Ins. Corporation (International) 0 0 0 0 0 0 0 0 0 0 20,070 21,797

Mediterranean & Gulf Ins. & Reins. Co. 2,129 2,087 21 19 29 30 590 636 0 0 2,925 2,855

Saudi Arabian Ins. Co. 1,019 908 0 1 1 0 0 0 4 4 1,048 936

Saudi National Ins. Co. 491 378 429 100 488 570 3,155 2,455 1,230 2,490 10,617 10,902

United Insurance Co. 4,329 5,491 0 0 0 0 0 0 0 0 4,329 5,491

Total of Conventional Firms 39,758 41,290 5,809 5,079 2,967 3,429 17,806 15,698 5,126 6,484 123,674 124,629

Takaful Firms

Chartis Takaful - Enaya 230 240 3 16 64 166 0 0 600 464 1,291 1,231

Legal & General Gulf Takaful 0 0 0 0 0 0 0 0 0 0 144 94

Medgulf Allianz Takaful B.S.C. 214 579 69 114 97 50 1,815 1,951 434 201 4,667 5,335

Solidarity Family Takaful 1 0 0 0 0 0 0 0 1,608 0 0 651 3,990

Solidarity General Takaful 3,059 3,370 572 555 687 793 1,895 0 1,060 528 9,215 7,207

Takaful International 4,812 4,654 409 414 0 0 4,209 4,747 1,354 921 15,853 15,047

T'azur Company B.S.C. 2,624 1,983 148 91 442 46 3,983 2,687 0 117 8,373 5,646

Total of Takaful Firms 10,939 10,826 1,201 1,190 1,290 1,055 11,902 10,993 3,448 2,231 40,194 38,550

Total of Bahraini Insurance Firms 50,697 52,116 7,010 6,269 4,257 4,484 29,708 26,691 8,574 8,715 163,868 163,179

Overseas Insurance Firms

ACE American Insurance Co. 0 0 8,596 5,510 1,220 1,095 0 0 552 400 14,173 11,145

American Life Insurance Co. 0 0 0 0 0 0 5,084 4,988 0 0 17,920 15,769

Arabia Insurance Company 1,521 1,533 158 141 6 6 56 57 0 0 2,085 2,097

Iran Insurance Company 764 1,001 4 4 0 0 0 0 16 16 862 1,146

New India Assurance Co. 1,254 1,396 508 381 49 0 0 0 245 234 4,599 4,255

Royal & Sun Alliance Ins. PLC 1,391 1,421 180 241 52 57 (4) 18 0 0 1,936 2,145

Zurich International Life Ltd. 0 0 0 0 0 0 0 0 0 0 9,450 10,748

Zurich Insurance Company 0 0 0 0 0 0 0 0 0 0 50 0

Total of Overseas Insurance Firms 4,930 5,351 9,446 6,277 1,327 1,158 5,136 5,063 813 650 51,075 47,305

GRAND TOTAL 55,627 57,467 16,456 12,546 5,584 5,642 34,844 31,754 9,387 9,365 214,943 210,484

Motor Engineering Liability Medical (1 year) Other TOTAL

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Table 6-2: Net Written Premiums of Insurance Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010


Conventional Firms

Al Ahlia Insurance Co. 0 0 163 933 0 0 85 66 37 44 0 0

AXA Insurance (Gulf) Co. 0 0 1,300 961 0 0 0 0 678 697 0 0

Bahrain Kuwait Insurance Co. 0 0 486 437 0 0 43 89 274 274 0 0

Bahrain National Insurance Co. 0 0 0 0 181 105 43 54 85 88 0 0Bahrain National Life Assurance Co. 1,092 991 0 0 0 0 0 0 0 0 0 0

Gulf Union Ins.& Re. Co. 0 0 158 127 0 0 0 0 109 137 0 0

Legal & General Gulf B.S.C. 346 (110) 0 0 0 0 0 0 0 0 0 0

Life Ins. Corporation (International) 19,847 21,450 0 0 0 0 0 0 0 0 0 0

Mediterranean & Gulf Ins. & Reins. Co. 0 0 15 6 0 0 5 2 3 5 0 0

Saudi Arabian Ins. Co. 0 0 4 7 0 0 0 0 0 0 0 0

Saudi National Ins. Co. 0 0 35 17 0 0 0 0 24 3 0 0

United Insurance Co. 0 0 0 0 0 0 0 0 0 0 0 0

Total of Conventional Firms 21,285 22,331 2,161 2,488 181 105 176 211 1,210 1,248 0 0

Takaful Firms

Chartis Takaful - Enaya 0 0 25 19 0 0 15 16 2 54 0 0


Medgulf Allianz Takaful B.S.C. 1,180 1,116 102 105 0 0 0 0 42 71 0 0

Solidarity Family Takaful1 323 1,197 0 0 0 0 0 0 0 0 0 0

Solidarity General Takaful 0 0 226 256 0 0 0 0 39 61 0 0

Takaful International 614 701 206 158 0 0 0 0 80 111 0 0

T'azur Company B.S.C. 200 184 34 68 103 38 (18) 0 9 12 0 0

Total of Takaful Firms 2,390 3,264 593 606 103 38 (3) 16 172 309 0 0

Total of Bahraini Insurance Firms 23,675 25,595 2,754 3,094 284 143 173 227 1,382 1,557 0 0


ACE American Insurance Co. 0 0 1,094 1,167 0 0 1,045 1,240 66 14 0 0

American Life Insurance Co. 11,578 9,496 0 0 0 0 0 0 0 0 0 0

Arabia Insurance Company 29 89 40 39 0 0 0 0 35 36 0 0

Iran Insurance Company 0 0 22 51 0 0 0 0 8 17 0 0

New India Assurance Co. 0 0 1,778 1,427 0 0 0 57 357 367 0 0

Royal & Sun Alliance Ins. PLC 0 0 0 0 0 0 0 0 0 0 0 0

Zurich International Life Ltd. 9,083 269 0 0 0 0 0 0 0 0 0 0


Total of Overseas Insurance Firms 20,690 9,854 2,934 2,684 0 0 1,045 1,297 466 434 0 0

GRAND TOTAL 44,365 35,449 5,688 5,778 284 143 1,218 1,524 1,848 1,991 0 0

1Under Liquidation

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Table 6-2: Net Written Premiums of Insurance Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010


Conventional Firms


AXA Insurance (Gulf) Co. 4,659 4,889 143 84 123 138 2,482 1,578 1,682 1,520 11,067 9,867

Bahrain Kuwait Insurance Co. 4,529 4,734 181 137 150 145 727 846 379 272 6,769 6,934

Bahrain National Insurance Co. 8,959 9,202 12 56 145 131 0 0 0 0 9,425 9,636Bahrain National Life Assurance Co. 0 0 0 0 0 0 2,581 2,366 0 0 3,673 3,357

Gulf Union Ins.& Re. Co. 5,181 5,088 81 99 198 184 805 524 0 0 6,532 6,159

Legal & General Gulf B.S.C. 0 0 0 0 0 0 0 0 0 0 346 (110)




Saudi National Ins. Co. 488 378 18 17 112 74 1,353 973 261 160 2,291 1,622


Total of Conventional Firms 34,210 35,723 474 416 736 702 9,464 7,976 2,387 2,043 72,284 73,243

Takaful Firms

Chartis Takaful - Enaya 221 223 0 0 6 25 0 0 138 64 407 401



Solidarity Family Takaful1 0 0 0 0 0 0 0 804 0 0 323 2,001

Solidarity General Takaful 2,970 3,324 102 85 90 101 1,842 0 195 63 5,464 3,890

Takaful International 4,667 4,494 4 48 0 0 1,117 1,418 97 98 6,785 7,028

T'azur Company B.S.C. 2,356 1,795 29 30 29 43 3,408 888 0 38 6,150 3,096

Total of Takaful Firms 10,388 10,336 157 188 214 205 7,842 4,756 475 292 22,331 20,010

Total of Bahraini Insurance Firms 44,598 46,059 631 604 950 907 17,306 12,732 2,862 2,335 94,615 93,253


ACE American Insurance Co. 0 0 3,825 1,288 792 892 0 0 162 114 6,984 4,715




New India Assurance Co. 1,254 1,396 505 344 74 0 0 0 191 179 4,159 3,770Royal & Sun Alliance Ins. PLC 0 0 0 0 0 0 0 0 0 0 0 0

Zurich International Life Ltd. 0 0 0 0 0 0 0 0 0 0 9,083 269


Total of Overseas Insurance Firms 3,388 3,880 4,384 1,684 870 896 3,530 3,762 359 299 37,666 24,790

GRAND TOTAL 47,986 49,939 5,015 2,288 1,820 1,803 20,836 16,494 3,221 2,634 132,281 118,043

Liability Medical (1 year) Other TOTALMotor Engineering

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Table 6-3: Gross Claims of Insurance Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010


Conventional Firms

Al Ahlia Insurance Co. 0 0 362 933 0 0 (26) 78 (9) 48 0 4

AXA Insurance (Gulf) Co. 0 0 2,792 2,142 0 0 0 0 165 159 0 0

Bahrain Kuwait Insurance Co. 0 0 2,474 2,633 0 0 (42) 246 125 26 (25) 0

Bahrain National Insurance Co. 0 0 0 0 194 223 192 661 238 38 0 0

Bahrain National Life Assurance Co. 1,032 377 0 0 0 0 0 0 0 0 0 0

Gulf Union Ins.& Re. Co. 0 0 3,135 1,413 0 0 0 0 52 58 0 0







Total of Conventional Firms 9,706 8,412 9,056 7,153 194 223 165 985 581 337 (25) 4

Takaful Firms

Chartis Takaful - Enaya 0 0 136 95 0 0 (7) 20 (27) 30 0 0

Legal & General Gulf Takaful 5 0 0 0 0 0 0 0 0 0 0 0Medgulf Allianz Takaful B.S.C. 36 339 58 141 0 0 0 0 46 0 0 0

Solidarity Family Takaful1 496 841 0 0 0 0 0 0 0 0 0 0

Solidarity General Takaful 0 0 183 377 0 0 0 0 46 (19) 0 0


T'azur Company B.S.C. 0 0 113 3 33 1 2 0 7 1 0 0

Total of Takaful Firms 718 1,467 572 1,320 33 1 (5) 20 90 16 0 0

Total of Bahraini Insurance Firms 10,424 9,879 9,628 8,473 227 224 160 1,005 671 353 (25) 4


ACE American Insurance Co. 0 0 788 721 0 0 1,030 1,055 20 18 0 0

American Life Insurance Co. 632 968 0 0 0 0 0 0 0 0 0 0

Arabia Insurance Company 94 2 1 48 0 0 0 0 (15) 26 0 0

Iran Insurance Company 0 0 11 27 0 0 0 0 2 1 0 0

New India Assurance Co. 0 0 777 1,857 0 0 0 32 55 63 0 0

Royal & Sun Alliance Ins. PLC 0 0 25 17 0 0 0 0 9 (65) 0 0

Zurich International Life Ltd. 8,821 7,994 0 0 0 0 0 0 0 0 0 0


Total of Overseas Insurance Firms 9,547 8,964 1,602 2,670 0 0 1,030 1,087 71 43 0 0

GRAND TOTAL 19,971 18,843 11,230 11,143 227 224 1,190 2,092 742 396 (25) 4


property

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Table 6-3: Gross Claims of Insurance Firms Operating in Bahrain (cont)

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010


Conventional Firms


AXA Insurance (Gulf) Co. 2,488 2,952 71 (58) 26 (154) 2,968 2,610 693 236 9,203 7,887

Bahrain Kuwait Insurance Co. 5,207 5,496 123 80 (13) 135 1,032 1,393 653 448 9,534 10,457

Bahrain National Insurance Co. 8,241 8,975 65 376 4 7 0 0 0 0 8,934 10,280

Bahrain National Life Assurance Co. 0 0 0 0 0 0 2,480 2,518 0 0 3,512 2,895

Gulf Union Ins.& Re. Co. 6,400 6,578 121 164 457 197 949 907 0 0 11,114 9,317



Mediterranean & Gulf Ins. & Reins. Co. 2,359 1,449 108 10 78 0 1,342 214 0 0 4,046 1,686


Saudi National Ins. Co. 203 152 33 25 52 590 1,734 1,393 197 4 2,401 2,187


Total of Conventional Firms 29,498 30,730 625 806 604 775 12,834 11,742 1,856 1,300 65,094 62,467

Takaful Firms

Chartis Takaful - Enaya 131 184 0 (2) (1) 43 (15) 0 (33) 116 184 486



Solidarity Family Takaful1 0 0 0 0 0 0 0 1,348 0 0 496 2,189

Solidarity General Takaful 2,101 4,438 7 (83) 159 43 1,049 0 (217) 1,701 3,328 6,457

Takaful International 4,752 4,696 242 115 0 0 4,626 4,243 62 48 9,963 10,097

T'azur Company B.S.C. 1,766 687 0 0 2 0 3,013 1,460 0 3 4,936 2,155

Total of Takaful Firms 9,246 10,732 254 33 160 86 9,822 8,169 (142) 1,871 20,748 23,715

Total of Bahraini Insurance Firms 38,744 41,462 879 839 764 861 22,656 19,911 1,714 3,171 85,842 86,182


ACE American Insurance Co. 0 0 2,553 1,811 454 342 0 0 158 121 5,003 4,068


Arabia Insurance Company 496 1,893 20 13 0 0 48 54 0 0 644 2,036


New India Assurance Co. 715 1,056 54 181 92 0 0 0 85 7 1,778 3,196

Royal & Sun Alliance Ins. PLC 998 1,060 7 98 0 7 4 11 0 0 1,043 1,128



Total of Overseas Insurance Firms 3,111 5,032 2,634 2,109 546 349 1,980 1,768 243 131 20,764 22,153

GRAND TOTAL 41,855 46,494 3,513 2,948 1,310 1,210 24,636 21,679 1,957 3,302 106,606 108,335

Liability Medical (1 year) Other TOTALMotor Engineering

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Table 6-4: Net Claims of Insurance Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010


Conventional Firms

Al Ahlia Insurance Co. 0 0 36 933 0 0 (5) 44 0 14 0 0

AXA Insurance (Gulf) Co. 0 0 1,195 1,135 0 0 0 0 73 102 0 0

Bahrain Kuwait Insurance Co. 0 0 168 363 0 0 2 32 19 26 0 0

Bahrain National Insurance Co. 0 0 0 0 (2) (127) 2 5 (12) (14) 0 0

Bahrain National Life Assurance Co. 454 292 0 0 0 0 0 0 0 0 0 0

Gulf Union Ins.& Re. Co. 0 0 195 137 0 0 0 0 21 2 0 0







Total of Conventional Firms 8,839 7,793 1,623 2,572 (2) (127) 30 81 108 132 0 0

Takaful Firms

Chartis Takaful - Enaya 0 0 (133) (2) 0 0 5 (7) 2 26 0 0

Legal & General Gulf Takaful 5 0 0 0 0 0 0 0 0 0 0 0Medgulf Allianz Takaful B.S.C. 23 77 (18) 15 0 0 0 0 8 0 0 0


Solidarity General Takaful 0 0 32 184 0 0 0 0 21 (21) 0 0


T'azur Company B.S.C. 56 0 14 2 12 0 0 0 1 1 0 0

Total of Takaful Firms 290 342 (104) 274 12 0 5 (7) 36 18 0 0

Total of Bahraini Insurance Firms 9,129 8,135 1,519 2,846 10 (127) 35 74 144 150 0 0


ACE American Insurance Co. 0 0 365 409 0 0 442 672 13 10 0 0


Arabia Insurance Company 9 2 (1) 6 0 0 0 0 (2) 8 0 0

Iran Insurance Company 0 0 61 (297) 0 0 0 0 2 1 0 0

New India Assurance Co. 0 0 694 1,789 0 0 0 32 30 59 0 0


Zurich International Life Ltd. 32 190 0 0 0 0 0 0 0 0 0 0


Total of Overseas Insurance Firms 428 646 1,119 1,907 0 0 442 704 43 78 0 0

GRAND TOTAL 9,557 8,781 2,638 4,753 10 (127) 477 778 187 228 0 0


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Table 6-5: Number of Insurance Policies Issued by Insurance Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010


Conventional Firms

Al Ahlia Insurance Co. 0 0 2,178 933 0 0 4,620 6,798 863 3,236 17 12

AXA Insurance (Gulf) Co. 0 0 1,764 1,774 0 0 0 0 6,424 5,882 0 0

Bahrain Kuwait Insurance Co. 0 0 1,784 1,906 0 0 104 101 4,069 5,141 2 1Bahrain National Insurance Co. 0 0 0 0 2,578 2,537 1,349 1,375 618 885 0 0

Bahrain National Life Assurance Co. 3,114 3,442 0 0 0 0 0 0 0 0 0 0

Gulf Union Ins.& Re. Co. 0 0 2,363 2,226 0 0 0 0 1,166 863 0 0



Mediterranean & Gulf Ins. & Reins. Co. 0 0 121 59 0 0 3,324 278 75 56 0 0




Total of Conventional Firms 66,542 66,543 8,545 7,181 2,578 2,537 9,397 8,552 13,274 16,090 19 13

Takaful Firms

Chartis Takaful - Enaya 0 0 3,660 3,660 0 0 4,891 4,891 70 70 0 0

Legal & General Gulf Takaful 3,388 434 0 0 0 0 0 0 0 0 0 0

Medgulf Allianz Takaful B.S.C. 194 630 788 701 0 0 0 0 53 80 0 0


Solidarity General Takaful 0 0 1,474 1,558 0 0 0 0 1,891 3,018 0 0

Takaful International 767 1,536 2,781 2,688 0 0 0 0 849 728 4 1

T'azur Company B.S.C. 978 785 1,191 839 435 235 664 0 1,776 1,131 0 0

Total of Takaful Firms 5,521 3,884 9,894 9,446 435 235 5,555 4,891 4,639 5,027 4 1

Total of Bahraini Insurance Firms 72,063 70,427 18,439 16,627 3,013 2,772 14,952 13,443 17,913 21,117 23 14




Arabia Insurance Company 9 27 365 403 0 0 0 0 460 662 0 0

Iran Insurance Company 0 0 216 299 0 0 0 0 319 442 0 0New India Assurance Co. 0 0 1,061 604 0 0 0 22,782 3,574 4,113 0 0


Zurich International Life Ltd. 8,021 8,583 0 0 0 0 0 0 0 0 0 0


Total of Overseas Insurance Firms 8,573 9,186 2,179 2,073 0 0 145 22,957 5,090 5,986 0 0

GRAND TOTAL 80,636 79,613 20,618 18,700 3,013 2,772 15,097 36,400 23,003 27,103 23 14


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Table 6-5: Number of Insurance Policies Issued by Insurance Firms Operating in Bahrain

BD '000 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010


Conventional Firms

Al Ahlia Insurance Co. 26,510 26,234 491 570 0 0 566 663 23 19 35,268 38,465

AXA Insurance (Gulf) Co. 21,274 19,293 147 137 259 288 865 723 6,361 6,723 37,094 34,820

Bahrain Kuwait Insurance Co. 35,638 33,403 206 174 347 341 168 131 1,513 1,707 43,831 42,905Bahrain National Insurance Co. 64,549 62,850 301 316 1,533 1,471 0 0 0 0 70,928 69,434

Bahrain National Life Assurance Co. 0 0 0 0 0 0 232 488 0 0 3,346 3,930

Gulf Union Ins.& Re. Co. 71,783 67,716 452 548 1,390 1,429 188 196 0 0 77,342 72,978




Saudi Arabian Ins. Co. 11,210 14,036 0 14 6 0 0 0 13 11 11,315 14,137

Saudi National Ins. Co. 1,096 606 41 58 38 90 143 543 131 468 1,757 1,999

United Insurance Co. 2,015,000 2,740,000 0 0 0 0 0 0 0 0 2,015,000 2,740,000

Total of Conventional Firms 2,263,869 2,979,659 1,818 1,944 3,643 3,637 2,247 2,790 8,041 8,928 2,379,973 3,097,874

Takaful Firms

Chartis Takaful - Enaya 841 841 1 1 7,657 7,657 0 0 4,846 4,846 21,966 21,966

Legal & General Gulf Takaful 0 0 0 0 0 0 0 0 0 0 3,388 434Medgulf Allianz Takaful B.S.C. 1,400 2,580 32 34 72 105 146 69 482 1,123 3,167 5,322


Solidarity General Takaful 16,611 18,215 113 98 345 363 165 0 261 294 20,860 23,546

Takaful International 35,518 35,056 143 152 0 0 97 339 2,314 3,089 42,473 43,589

T'azur Company B.S.C. 24,703 16,622 365 268 56 40 96,192 394 0 270 126,360 20,584

Total of Takaful Firms 79,073 73,314 654 553 8,130 8,165 96,600 1,035 7,903 9,622 218,408 116,173

Total of Bahraini Insurance Firms 2,342,942 3,052,973 2,472 2,497 11,773 11,802 98,847 3,825 15,944 18,550 2,598,381 3,214,047





Iran Insurance Company 9,081 12,302 8 17 0 0 0 0 114 78 9,738 13,138

New India Assurance Co. 11,838 12,541 152 148 6,267 0 0 0 302 198 23,194 40,386

Royal & Sun Alliance Ins. PLC 5,364 6,006 19 34 168 155 0 2 0 0 6,650 7,455



Total of Overseas Insurance Firms 37,910 43,558 479 513 6,662 376 488 121 473 319 61,999 85,089

GRAND TOTAL 2,380,852 3,096,531 2,951 3,010 18,435 12,178 99,335 3,946 16,417 18,869 2,660,380 3,299,136

Motor Engineering Liability Medical (1 year) Other TOTAL

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Table 7-1: Key Performance Figures of Insurance Firms

2011 2010 2011 2010 2011 2010 2011 2010

Assets

General Insurance Business

Total investments in group undertakings and

participating interests 167,270 62,407 5,521 5,521 0 0 172,791 67,928

Total Investments 175,804 191,480 23,253 25,753 13,435 13,191 212,492 230,424

Deposits with ceding undertakings 316 265 0 0 0 0 316 265

Total reinsurance assets 162,576 159,266 0 0 10,054 11,289 172,630 170,555Total Insurance receivables 89,584 91,397 0 0 9,521 7,543 99,105 98,940Total other receivables 113,455 126,626 2,613 5,261 2,454 3,414 118,522 135,301

Tangible assets 10,421 7,901 1,843 2,333 44 52 12,308 10,286Total cash at bank and in hand 79,939 77,008 3,520 2,807 9,141 8,853 92,600 88,668Total prepayments and accrued income 34,575 9,783 3,614 2,216 1,609 1,278 39,798 13,277Total other assets 125 18,437 4,778 5,501 643 340 5,546 24,278

T. Shareholders business assets (Takaful) 45,142 49,392 45,142 49,392

Total General insurance business assets 834,065 744,570 51,836 41,515 46,901 45,960 932,802 832,045

Long-Term Business Assets 284,582 265,085 12,159 16,547 55,712 55,122 352,453 336,754

Linked long term assets 17,315 16,948 5,641 3,757 110,691 121,615 133,647 142,320

Total Assets 1,135,962 1,026,603 114,778 111,211 213,304 222,697 1,464,044 1,360,511

Liabilities

Shareholders liabilities (Takaful) 9,416 7,069 9,416 7,069

General Insurance Business

Total technical provisions 307,877 301,645 34,786 26,947 27,632 25,759 370,295 354,351

Total creditors 160,806 162,994 14,141 10,156 4,990 8,825 179,937 181,975

Total General insurance business liabilities 468,683 464,639 48,927 37,103 32,622 34,584 550,232 536,326

Long term business liabilities 245,481 216,132 12,021 14,404 145,707 156,073 403,209 386,609

Total Liabilities 714,164 680,771 70,364 58,576 178,329 190,657 962,857 930,004

Capital Resources1

Eligible Paid-up ordinary shares 110,939 100,669 62,665 62,665 - - 173,604 163,334

Total Tier 1 Capital 330,750 302,188 51,118 50,751 - - 381,868 352,939

Total Capital Resources 248,325 211,615 42,952 43,136 29,787 26,807 321,064 281,5581

Capital Resources in accordance with CBB rules

BD '000

Bahraini Insurance Firms Overseas

Insurance FirmsTotal

Conventional Takaful


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Table 7-2: Financial Position of Bahraini Insurance Firms - Conventional Firms

BD '000 2011 2010 2011 2010 2011 2010 2011 2010

ASSETS


Total investments in group undertakings and

participating interests 0 0 6,465 6,465 0 0 0 0

Total Investments 13,358 21,542 59,210 47,990 40,295 37,291 22,865 23,862

Deposits with ceding undertakings 316 265 0 0 0 0 0 0

Total reinsurance assets 5,882 6,221 58,469 48,090 25,903 25,040 8,902 10,761Total Insurance receivables 3,334 3,709 53,439 46,602 12,287 12,804 3,521 3,513

Total other receivables 0 0 11,140 11,620 58 8 3,948 4,795

Tangible assets 31 54 5,760 5,007 617 713 2,077 1,279

Total cash at bank and in hand 4,580 848 50,974 46,914 3,632 4,717 1,767 2,893

Total prepayments and accrued income 401 413 7,212 6,383 1,014 1,166 748 465

Total other assets 0 0 0 0 0 0 0 0

General insurance business assets 27,902 33,052 252,669 219,071 83,806 81,739 43,828 47,568

Long-term business assets 0 0 0 0 0 0 0 0

Linked Long-term business assets 0 0 0 0 0 0 0 0

TOTAL ASSETS 27,902 33,052 252,669 219,071 83,806 81,739 43,828 47,568

LIABILITIES


Total technical provisions 12,556 12,245 143,295 128,983 41,019 39,061 18,490 20,674Total creditors 2,924 4,762 42,422 35,163 14,209 15,306 4,256 4,931

Total general insurance business l iabilitie 15,480 17,007 185,717 164,146 55,228 54,367 22,746 25,605

Long term business liabilities 0 0 0 0 0 0 0 0

TOTAL LIABILITIES 15,480 17,007 185,717 164,146 55,228 54,367 22,746 25,605

CAPITAL RESOURCES *

Tier 1 Capital:

Paid-up ordinary shares 5,673 5,403 10,400 10,400 6,500 6,500 6,500 6,500

Less: treasury shares (4) (4) 0 0 (2) (2) 0

Documents

Bahrain Insurance Market review